Sanlam urges savings after tax relief

Sanlam Namibia Holdings urges all Namibians to make use of the tax relief to save and invest for the future.
The call follows a previous announcement by Finance Minister Saara Kuugongelwa-Amadhila that Namibians will receive a tax relief effective from the start of next month.
General Manager of Public and Corporate Support of Sanlam Namibia, Evans Simataa, applauded the ministry and cautioned citizens of over spending now that they have the means to.
“We at Sanlam Namibia, applaud the Minister of Finance for taking such a bold, important and necessary decision that has far-reaching impact on Namibians and the country at large. We do hope that this extra cash, that’s now in their pockets, will be spent wisely. The reduction of the tax rates directly addresses the bread and butter issues confronting Namibians and impact on daily their lives” he said.
He also highlighted the drastic saving potential made possible by the tax relief.
He placed these figures into perspective to fully comprehend this adjustment.
“To fully understand the saving for those that earn N$50,000 per annum, one can now save N$2,700 per annum or N$225 per month. Those that earn N$150,000 can now save N$11,700 per annum. Earning levels vary but this just illustrates that this tax reduction will allow you to feel a bit more relief in your pocket.”
Sanlam Namibia has always pushed the culture of saving and also strongly advocated financial literacy.
More specifically the spending mentality of Namibian has been a great concern especially when it comes to borrowing and living in debts. “Unfortunately, for many of us, once we now receive this extra cash we also tend to feel that we deserve to expensively spoil ourselves more. We go out of the way to spend on usually things we want to show off than we really need. Things of short-term gratification that usually lend us in financial trouble,” he says.
Simataa is advising the general public to critically evaluate their financial situation and save or spend the additional disposable income wisely. As a financial institution we believe in investing and saving for tomorrow. “It is always good to reward yourself after a hard day at work but the long term investment will be much more worthwhile,” he added.
According to the company, Sanlam Namibia Holdings and its subsidiaries have affordable and cost saving options for the public. The innovative and unique savings and investment products at Sanlam Namibia Holdings are tailor-made to suit the financial needs of individuals. In conclusion, Simataa advised the public that it’s never too late to plan your finances. This is an opportunity not to be missed to make good financial decisions.